The Fourth Industrial revolution is just beginning says Mark Carney.
In a speech today, Mark Carney said that this new economy which is emerging is driven by immense changes in technology, the reordering of global economic power, and the growing pressures of climate change. This is all made possible by the new technologies but that these changes demand new financial products which will increase the sector’s resilience, be more cost effective and be both better tailored and more inclusive. As a major part of this movement forward, he proposes that The Bank Of England looks to itself and ensures that it is up to speed and prepared for the changes to come. The report compiled by Huw van Steenis will come out in 2 months, but expectations will be that it will highlight speedier payments for the predicted 1/4 of all sales being online - RTGS (Real time Gross Settlement) being available for all payments instead of just commercial banks for instance. Banking is the second biggest investor in AI, Cloud and Machine Learning after retail. But, he says that as more data was created in the past two years than in all the years that came before, this data is creating enormous opportunities for the new finance to serve customers better and to manage risks more effectively. All we need to know now is who will be his successor on the 1st of February 2020? https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/a-platform-for-innovation-remarks-by-mark-carney.pdf?la=en&hash=49FE92075B4C7DBB0C7E0975CDF38488BB0A02FB